After Adama’s Abortive IPO, IDB Is Stuck Between a Rock and a Hard Place

The conglomerate’s controlling shareholders were counting on the agrochemicals company to relieve the group of part of its heavy debt load. Now their options have narrowed and the group’s stock market valuation has collapsed

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It’s been a bumpy ride for Eduardo Elsztain and Moti Ben-Moshe — that unlikely pair of foreign investors, one the heir to an Argentinian real estate empire and the other a hardscrabble Israeli who made his...